<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>exhb2-10242003.txt
<DESCRIPTION>EXHIBIT 2
<TEXT>

                                    EXHIBIT 2
                                    ---------

Elbit Systems Completes Equity Investment in AeroAstro Inc.


HAIFA, Israel, Oct. 23 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the
"Company") (Nasdaq: ESLT - News) today announced that following receipt of all
approvals, it completed the acquisition of a minority share (approximately 8%)
in AeroAstro Inc., a leading provider of small satellites and related technology
products. This transaction follows a teaming agreement signed earlier this year
between AeroAstro and Elbit Systems' subsidiary Elop Electro-Optics Industries
Ltd. (El-Op) for the development of advanced micro and nano space systems and
components, with a special focus on remote sensing and optical systems.

Since its inception in 1988, AeroAstro has been a leading developer and
proponent of small, low-cost spacecraft. As component size, mass, power and cost
continue to shrink, AeroAstro has pioneered new small satellite applications in
astrophysics, communications and technology development and verification.

Over the last decade the Elbit Systems Group has demonstrated its ability to
create highly capable optical systems for space research, earth imagery and
other remote sensing applications, which are compatible -- in terms of mass,
volume and power consumption, as well as budget -- with highly efficient micro
and nano spacecraft. The Elbit Systems/AeroAstro team is addressing the
ever-changing needs of these customers. Joseph Ackerman, President and CEO of
Elbit Systems, said, "This acquisition is an important step in the partnership
between AeroAstro and Elbit Systems and it signifies the continued development
of the two companies in the microspace market, which we believe will grow in the
coming years. We believe that the combination of El-Op's capabilities in the
area of electro-optical systems for space applications, combined with
AeroAstro's spacecraft technologies, will enable us to become an important force
in this market."

Dr. Rick Fleeter, AeroAstro's CEO, said, "AeroAstro's focus has been as a leader
in microspacecraft technologies and systems. Combining our small, low cost
spacecraft with the Elbit Systems Group's unique capabilities in high
performance, low cost and rapidly developed payloads, especially optical
systems, enables us to provide complete mission solutions for remote sensing,
space control and other proven and emerging space applications."

About AeroAstro
---------------

AeroAstro, Inc. is a leader in innovative micro and nanospacecraft applications
-- including science, remote sensing, and communications -- that open the space
frontier to a larger and more varied customer base. AeroAstro manufactures
low-cost satellite systems and components, used in its own spacecraft and for
spacecraft development in the US and abroad. NASA, the U.S. Air Force, and
commercial and university customers have all employed AeroAstro throughout its
15-year history.


<PAGE>

About Elbit Systems
-------------------

Elbit Systems Ltd. is an international defense electronics company engaged in a
wide range of defense and homeland security related programs throughout the
world, in the areas of aerospace, ground and naval systems, Command, Control,
Communications, Computers and Information (C4I), Intelligence, Surveillance and
Reconnaissance (ISR), Unmanned Airborne Vehicles (UAV), security systems and
advanced electro-optic technologies. The Company focuses on the development of
new technologies for defense and homeland security applications and upgrading of
existing military platforms.

STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL DATA ARE
FORWARD-LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES
OR OTHER FACTORS NOT UNDER THE COMPANY'S CONTROL, WHICH MAY CAUSE ACTUAL
RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT
FROM THE RESULTS, PERFORMANCE OR OTHER EXPECTATIONS IMPLIED BY THESE
FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THOSE
DETAILED IN THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.



</TEXT>
</DOCUMENT>
